Regarding the principles and procedures on monitoring of the transactions with impacts over foreign exchange position by the Central Bank of Turkey (CBRT).

The concerning regulation is carried out by the President of Central Bank of the Republic of Turkey; while the Regulation for Principles and Procedures on Monitoring of the Transactions with Impacts over Foreign Exchange Position by the Central Bank of Turkey dated 17.02.2018 has been amended.

“Metropolitan municipalities and municipalities as well as their affiliated enterprises and administrations, and their economic enterprises, state-owned enterprises and higher education institutions for more than half of their capital is possessed individually or together” has been added into the definition of “company” existing in the sub-clause (g) within the 1^st clause of Article 4 of the Regulation and it is indicated that the provisions of the Regulation regarding independent audit will not apply to them pursuant to the clause added to Article 5.

Within the scope of notification procedure identified in Article 6 of the Regulation, in accordance with the financial reporting framework, for the interim periods ending on 31 March, 30 June and 30 September of the relevant year, the requirement for notifying has been changed for notifications completed until the end of following first month as until the end of the second month and for the annual accounting period ending on 31 December as until the end of following third month. A clause with a wording like “In accordance with the financial reporting framework, notifications of companies subject to special accounting period shall be completed until the end of the following second month for interim periods ending in the quarterly periods of the relevant year, until the end of following third month for the annual accounting period“ has been added into the same article.

In accordance with the Public Oversight, Accounting and Auditing Standards Authority (“POA) regulations, the wording requiring the completing of independent audit by the auditor until 31 May of the following year is changed as, to be completed by the end of the fifth month of the following year.